Terry Stewart, president and CEO of the Rock and Roll Hall of Fame and Museum, will retire by late 2013

View full sizeJohn Kuntz | The Plain DealerTerry Stewart, president and CEO of the Rock and Roll Hall of Fame and Museum, addresses the audience at the Rock Hall induction ceremony April 14, 2012, at Cleveland's Public Auditorium.

Stewart, 66, is the longest-serving top executive in the history of the not-for-profit hall, which opened in 1995. Stewart took over the top post four years later, bringing stability to an institution that had gone through a quick succession of four previous directors.

Stewart often referred to the Rock Hall gig as his dream job.

"But you have to step back and look at the organization and ask yourself when it's the right time to make changes," he said in an interview Friday.

"You have to balance your personal desires with what the organization needs. With the inductions and some major projects behind us, it's a clear, open playing field for the next person to come in."

Stewart has agreed to stay on until a successor is found.

"We still have work to do," he said. "There are exciting challenges on the forefront. I'll just hand it off when the time is right."

The search for his replacement is being overseen by Bonnie Gwin of the executive-search firm Heidrick & Struggles. The search committee includes William Rowley, chairman of the Rock Hall board; museum trustees; and Rock Hall co-founder Jann Wenner, publisher of Rolling Stone magazine.

"You're never going to fill the void that you have when somebody like Terry leaves," Rowley said. "At the same time, it's better to plan for this intentionally than to be surprised by it."

Stewart was instrumental in working out an agreement between city leaders and the New York City-based Rock and Roll Hall of Fame Foundation, which oversees the inductions, to bring the annual induction ceremony (usually held at Manhattan's Waldorf-Astoria Hotel) to Cleveland every three years.

The Beastie Boys, Guns N' Roses and the Red Hot Chili Peppers were among the honorees at the most recent ceremony, held last month at Public Auditorium. The inductions are set to return here in 2015.

Stewart "always has been very easy to work with," said Cleveland Mayor Frank Jackson. "He understands how to get things done."

Stewart's business acumen was complemented by his deep passion for rock 'n' roll, Jackson said.

Under Stewart's watch, the Rock Hall has remained profitable.

According to its most recent annual report, the hall had revenues of $25.4 million in 2010, down 38 percent from the previous year, which had seen a significant boost from capital-campaign contributions of $17.4 million. The hall reported expenses of $15.8 million in 2010, a 19 percent decrease from 2009.

"The museum is very healthy from a financial standpoint," Rowley said.

With Stewart at the helm, the Rock Hall also undertook a capital campaign that raised more than $30 million for an extensive museum redesign and its new Library and Archives on Cuyahoga Community College's Metropolitan Campus.

For most of Stewart's tenure, attendance at the Rock Hall has hovered around 450,000 visitors annually.

A 2005 report by the regional development organization Team NEO estimated the hall's annual economic impact at $107 million, encompassing everything from dollars spent by museum-goers on food, lodging and souvenirs to day-to-day transactions stemming from museum operations. Stewart's successor will steer an institution that is vital to Cleveland, Jackson said.

"The key is, how do we continue the momentum?" Jackson said.

"The next director will be essential to maintaining everything that Terry has accomplished and taking it to the next level. . . . It's a very important Cleveland institution. We have to make sure it continues on that path."

The search committee hopes to narrow a short list of potential candidates within the next six to 12 months, Rowley said.

"We want someone who is going to be very much involved with Cleveland," he said. "We're going to look here, and we're going to look nationally. We're going to try to find the best of the best."

Stewart earned $481,380 in 2010, with a base salary of $334,544, according to the most recent IRS 990 form filed by the Rock Hall.

"This is a plum assignment," said search committee member Joel Peresman, president and CEO of the Rock and Roll Hall of Fame Foundation.

"People are going to be very interested in this position. . . . We're not looking to limit the search to one particular place or one particular skill set. We just want to find the right person who will fit in really well."

The ideal candidate will have strengths in marketing, sponsorship opportunities and fundraising and be able to tap new philanthropic support for the museum, Peresman said.

"Under Terry's guidance . . . they've really put the museum on great footing," he said. "But while a lot has been accomplished, there's still a lot to do."

Before Stewart joined the Rock Hall, he was president and chief operating officer and later vice chairman of Marvel Entertainment Group.

"In my life of pop culture, it was always about music, movies and comic books for me, with music at the top," he said.

"The opportunity that I've had to play some small role in the preservation and memorialization of this music that changed my life and the world is just incredible. It staggers me that I've been here and that I've been able to do this."

After Stewart hands over the reins, he hopes to stay involved with the Rock Hall in some capacity. He also may pursue other business opportunities in the music industry.

"There are interesting things going on in the music world, which continues to change in terms of how music is made and distributed," he said.

"I'd love to get involved with somebody who is doing that stuff, too. . . . I can't imagine not doing something every day. I love being active and busy. You watch some people who sit down after they retire and usually wither away. Ain't gonna happen."

Stewart and his wife, Sally, plan to remain in Cleveland.

"Our friends are here," said Stewart, a native of Daphne, Ala.

"Getting the Rock Hall job was one of the greatest things in my life, but moving to Cleveland to get the job was as important. Sally and I can't imagine living anywhere else."

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